How to position yourself for the AI arms race | #47 Jason Coggins

In this episode of The Rate of Change, host Murdoch Gatti sits down with investment strategist Jason Coggins, former Joint Head of a major wealth management firm and consultant to leading private-market firms including Aura Group, Elliston Capital, and IBEX Investors (plus more). Jason also serves on the investment committees for Australian Philanthropic Services and Third Link Growth Fund, providing him with a uniquely broad view across public and private markets.

Murdoch and Jason explore the major macro forces shaping wealth creation in 2025 — from the rapid acceleration of AI and large language models, to evolving trends in global private credit, to the shifting dynamics of U.S.–China competition in technology, energy, and infrastructure investment.

Key Insights:

• In what way is the Australian private credit market structurally different to the U.S., and how do differences in creditor rights, recovery processes and loan duration shape risk?
• How is AI reducing business-formation timelines, and what does that mean for early-stage investors, founders, and legacy SaaS businesses?
• Could some private equity and SaaS business models be more exposed to disruption than previously understood?
• Why might seed-stage technology investing offer the cleanest expression of AI-driven upside, compared with later-stage deals?
• Could the U.S. CapEx boom — driven by data centres, AI infrastructure and geopolitical competition — create the conditions for a market melt-up despite elevated valuations?
• What structural challenges does Australia face around productivity, government spending, energy reliability, and housing supply?
• And which regions — including Asia, India and select frontier markets — may play a larger role in driving global growth over the next decade?

This episode brings together forward-looking ideas and frameworks relevant to high-net-worth investors, private credit specialists, family offices, and anyone navigating one of the most dynamic investment landscapes in decades.

If you want to understand the trends driving the rate of change across markets, technology and global macro — please have a listen and enjoy!

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